Robert Wiseman Dairies has agreed a sale to yoghurt maker Müller in a deal worth £279.5m.
Confirmation of the deal comes after Wiseman announced on Friday that it had entered talks with the Müller Rise and Müller Corner maker.
“The combination of Müller and Wiseman makes strong commercial and strategic sense,” said Wiseman chairman Robert Wiseman. “It creates a leading integrated dairy business in the UK, with complementary positions in the yoghurt and potted desserts market and the fresh milk market.”
He added: “Wiseman has its origins as a family business and, since listing in 1994, my family has retained a significant stake in the business. It is heartening to know that the business will become part of another family-owned business in Müller.”
Müller chief executive Heiner Kamps added: “This is an exciting strategic move by Müller to enter a new market segment in the UK. The combination of these complementary businesses will form a leading dairy player offering a range of exceptional products.”
Meanwhile, Wiseman said in a trading update issued today that increased business from Tesco and The Co-operative Group had offset the loss of business with Asda.
However, it warned that profits could take a hit if bulk cream prices did not rebound soon, having fallen over Christmas, or if raw milk prices did not in turn dip – a situation Wiseman admitted was “unlikely”.